Here are the steps required for interested parties to sell or buy preferred stock of MnSP:
- If an interested buyer is not a current member, the interested buyer may request certain information about MnSP by submitting a nondisclosure agreement to MnSP. Click here to obtain a copy of the Nondisclosure Agreement.
- If an interested buyer is not a current member, the interested buyer must review the Articles of Incorporation, Bylaws, Membership Application, and Uniform Marketing and Delivery Agreement for MnSP. If you are interested in purchasing shares of our 8% Non-Cumulative Convertible Class B Preferred Stock, Series 2004, you must also review the Certificate of Designations for the Series 2004 shares. Click here to obtain copies of the MnSP governing documents.
- The buyer and seller agree on the terms of the transaction - the number of shares involved and the price.
- The buyer and seller complete and sign a Stock Transfer Agreement and Application Form. Click here to obtain a copy of the Stock Transfer Agreement and Application.
- The seller completes and signs the "Assignment" section on the back of the share certificate(s).
- The seller sends the completed certificate(s) and the fully-executed Stock Transfer Agreement and Application to MnSP.
- If the buyer is not a current member, the Stock Transfer Agreement and Application and completed certificate(s) must be accompanied by a membership application, membership fee, and uniform marketing and delivery agreement completed and signed by the buyer on all transfers of class A preferred stock (the delivery shares).
- MnSP's board of directors approves or disapproves the transfer in accordance with and subject to MnSP Bylaws.
- MnSP notifies the seller and buyer of the approval decision.
- Seller and buyer close on the sale (i.e., buyer pays seller for the shares) and notify MnSP of the closing.
- MnSP issues a new certificate (more than one, if the seller is retaining some of the preferred stock represented by the old certificate). New certificates are mailed to the appropriate parties.